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The Munich real estate market continued to stabilize noticeably in the first half of 2026. The number of contracts increased by 3% compared to the same period last year, while cash turnover rose by 7% to around 5.4 billion euros. This is shown by the current report of the Munich Valuation Committee, which also includes the Managing Director of Aigner Immobilien GmbH, Thomas Aigner.
The condominium segment is robust. The number of sales increased to 4,950 (H1 2025: 4,750), and cash turnover was 4% above the previous year's level. While prices for new-build apartments in average locations fell slightly to around 9,800 euros per square metre in the first half of 2026, they were more stable in good locations at around 10,550 euros per square metre or an increase of around 4%. Existing apartments proved to be stable in price over the same period, with slight fluctuations of between minus 1 and plus 5%.
The developments in the submarket of building plots for multi-storey residential construction are striking. While this segment slumped sharply in the first half of 2025 (number -40%, cash turnover -62%), it recorded a massive statistical increase in the first six months of 2026 due to some high-turnover transactions (number +44%, cash turnover +206%). However, this market segment is traditionally subject to strong fluctuations due to large, often urban project sales, so that a direct comparison with the same period of the previous year does not reveal any valid trends.
Too few sales in new construction
"The current developments make it clear that more capital has flowed into the market again and that buyers and sellers have successfully adapted to the changed interest rate and economic environment," says Thomas Aigner. "But we also see that the market differentiates strongly according to quality, energy efficiency and location. Properties with poor building fabric or less attractive micro-locations are currently coming under more pressure than before."
The real estate expert is concerned about the still comparatively low number of contracts for new-build apartments: "Among the total of around 4,950 condominiums sold in the first half of the year, only 650 were new construction units. Although that is 30% more than in the same period last year, this is still far too little for a city like Munich. But it's no wonder: where (unfortunately!!) little is built, little is sold."
